So what: The shares have been pummeled over the past two years as controversial metrics, declining revenue growth, and slowing consumer interest have all brought the company's long-term viability into question, so the change naturally serves as a much-needed catalyst for a turnaround. But while a new CEO may bring a more focused approach to the table, the intensifying competitive and secular headwinds that Groupon faces might be too powerful for anyone to handle.

Now what: Groupon said that it has started an official search for a permanent CEO, with Co-founder/Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis serving as interim co-CEOs in the meantime. "This leadership change gives you some breathing room to break bad habits and deliver sustainable customer happiness -- don't waste the opportunity," wrote Mason in a refreshingly candid letter to his employees. Given the tremendous uncertainty that still surrounds Groupon's business model, however, buying into that opportunity doesn't seem prudent at this point.

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